Monday, December 5, 2016

Phony Check Scams

You sell something via the Internet to someone in another state  for $150.
You are surprised to receive a cashier's check for $1500.
You email the buyer and ask what to do.
“Sorry, my mistake. Put the check in your bank account and send me a money order for $1350.”
A week later your bank calls and tells you the cashier's check was phony, and you owe the bank $1500 right now.
Oops.
Never cash a check that is seriously different than the amount due.
Never spend the money from an out-of-state check until it has sat in your bank account for a while.
Never assume a cashier's check from out-of-state or overseas is legitimate, unless you present it to that same bank in your local area. Take your time.
Seller beware.

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